Chinese bank invests in African infrastructure development
China Development Bank (CDB) has invested at least US$2.4bn in African infrastructure and commercial projects. The projects will be estimated to bring at least a further US$10bn of Chinese investments into Africa.
The bank’s president Zheng Zhijie revealed this saying that the China-Africa Development Fund has already financed mineral resources, machinery manufacturing, power generation, agricultural and infrastructure projects in more than 30 African countries.
The fund, a wholly-owned subsidiary of CDB and an Africa-dedicated facility, was set up in 2007.
With stronger bilateral ties, Kenya has become an important partner in East Africa for China, Zheng said.
Zheng revealed that CDB’s outstanding loans to Africa have already totalled US$18.9bn, of which US$250mn have been for infrastructure projects, the financial sector and small businesses in Kenya. He claimed that the bank’s funds have immensely helped spread the use of digital television in Kenya.
Image source: Tylerriewer/Flickr
Source: African Review